In a proprietorship or partnership, the owner's capital account takes the place of which corporate equity account? Select ane: a. Contributed Surplus b. Commion Shares c. The owner's capital occount takes the place of all of the above accounts. 4. Petainaid Eurnings The main purpose of adjusting entries is to ensure that the Select one: a. items in the general journal are transferred to the general ledger. b. total debits are equal to total credits. c. revenue recognition principle is followed and proper matching occurs. d. temporary account balances are reduced to zero. If the adjusting entry for an accrued expense is not made, Select one: a. shareholders' equity will be understated. b. liabilities will be understated. C. assets will be overstated. d. expenses will be overstated. Which of the following statements best describes the concept of book value? Select one: a. It is the difference between a depreciable asset's value that could be realized based on current market conditions, and its related accumulated depreciation. b. It is the amount that was paid originally for a depreciable asset less any transaction costs. c. It is the difference between a depreciable asset's cost and its related accumulated depreciation. d. It is identical to a depreciable asset's historical cost